December 03, 2007
December 3, 2007
LANSING - Governor Jennifer M. Granholm has signed an executive order revoking the declared financial emergency in the city of Hamtramck. The governor's action follows the recommendation of the Local Emergency Financial Assistance Loan Board and State Treasurer Robert J. Kleine. The order is Executive Order 2007-45.
"Residents of Hamtramck should be very pleased that their elected representatives have worked together to make significant progress in resolving Hamtramck's financial problems and today resume full control of the city's finances and operations," Granholm said. "This has been a lengthy, but very important process."
The city of Hamtramck was under the authority of an emergency financial manager from November 2000 until February 2006. Since then, city officials demonstrated that not only are the city's finances balanced, but knowledgeable financial management and sound financial practices are in place. The city's latest audit indicated a budget surplus of approximately $2.2 million, which allowed for the establishment of a budget stabilization fund.
The local government financial emergency in the city of Hamtramck was originally declared in 2000 by then-Acting Governor Dick Posthumus as a result of serious financial problems that had been exacerbated by political discord.
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